Increasing population levels, growing economies, rapid urbanization and changes in consumption patterns have increased the demand for raw materials such as base and precious metals, leading to growing concerns regarding their availability and the global efficiency of the mine supply chain. Mine tailings, consisting of process effluents that are generated in a mineral processing plant, are generally transferred to tailings ponds/impoundments to meet environmental regulations and site-specific factors before discharge. Most mining activities induce an impact on their geochemical environment (e.g., water, groundwater) due to the presence of metal-rich tailing deposits. The need for a comprehensive framework for mine tailings management that promotes sustainable development is therefore becoming increasingly recognized by the mining industry. Therefore, for sustainable rehabilitation and disposal of mining waste, the sources and mechanisms of pollutant generation and their subsequent effect on environment and sustainable treatment methods are critical. This review includes information on different sources of mining waters and its effect on groundwater contamination and ecological effects. The review also encompasses a broad range of mine water treatment strategies available for innovative management of mining tailings with a specific emphasis on the role of nanoparticles in the management of mine waters.